question archive The following partial balance sheet ($ in thousands) for Paisano Seafood Inc
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The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. |
Current assets: | Current liabilities: | |||
Cash | $ 74 | Accounts payable | $237 | |
Accounts receivable (net) | 172 | Other liabilities |
76 |
|
Notes receivable | 61 | Total current liabilities | 313 | |
Inventories | 216 | Long-term liabilities |
98 |
|
Prepaid expenses |
43 |
Total liabilities |
411 |
|
Total current assets |
566 |
Shareholders' equity: | ||
Plant assets (net) |
265 |
Capital stock | 133 | |
Retained earnings |
287 |
|||
Total shareholders' equity |
420 |
|||
Total assets |
$831 |
Total liabilities and equity |
$831 |
Quick assets total: |
$74 thousand.
$307 thousand.
$246 thousand.
$350 thousand.
Answer:
B. $307,000
Quick assets = Cash + Accounts receivable (net) + Notes receivable,
= $74,000 + $172,000 + $61,000
= $307,000